Qualcomm's investment brings the amount of money raised by Modu to $92 million.
Communications chipset maker Qualcomm Inc. (Nasdaq: QCOM) is due to invest $7 million in modular mobile handset developer Modu Ltd., bringing the amount of money raised by the company to $92 million. Modu founder, chairman and CEO Dov Moran declined to comment on the report. Moran set a $100 million fundraising goal for the company.
Qualcomm is investing in Modu, which has been going through some hard times, at least as far as image is concerned. After the intense media interest in the company during the past year, the company's recent layoffs grabbed most of the headlines about it. The company has had two waves of layoffs so far, in which 90 employees lost their jobs, and the remaining workers have suffered sharp cuts in salaries and benefits.
Moran's vision for Modu is a mobile telephone core that is a light and miniature processor, which will link a range of digital devices by switching the outer cover.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2009
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